Petroleo Brasileiro's Gas-Pipeline Unit Draws $8.6 Billion Offer -- Update

Fecha : 05/04/2019 @ 17:15
Fuente : Noticias Dow Jones
Emisora : Engie (ENGI)
Cotización : 14.905  0.025 (0.17%) @ 09:16
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Petroleo Brasileiro's Gas-Pipeline Unit Draws $8.6 Billion Offer -- Update

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(Adds details and Petrobras extends deadline for potential buyers of Liquigas Distribuidora SA)


By Maria Armental


Brazilian oil company Petroleo Brasileiro SA said French utility company Engie SA and Canadian pension giant Caisse de depot et placement du Quebec presented the best offer for a 90% stake in gas-pipeline unit Transportadora Associada de Gas SA.

The roughly $8.6 billion offer, subject to approval by Petrobras governance and competitive defense bodies, includes the payment by the buyer of $800 million in debt with Brazilian state lender BNDES on the closing date, according to Petrobras.

State-owned Petrobras launched TAG's auction in 2017, attracting interest from Blackstone Group LP, EIG Global Energy Partners and Macquarie Group Ltd., all working with large institutional investors. (

Petrobras said it would continue to use TAG's natural-gas transportation services through several long-term contracts with the unit.

Separately, Petrobras said Friday it would adjust the eligibility requirements and extend the deadline for potential buyers to express interest in its liquified petroleum gas subsidiary Liquigas Distribuidora SA.

It didn't offer further details in a securities filing.

Petrobras, which was the main focus of the country's massive Operation Car Wash corruption investigation, has been trying to strengthen its balance sheet, paying down debt that topped $100 billion and selling a series of assets that it deems not central to its business.

Roberto Casatello Branco, who took over as Petrobras's new chief executive in January, has pledged to continue to streamline the company's balance sheet and focus on boosting production from the country's rich, deep-water oil deposits known as the pre-salt. (


-- Luis Garcia and Jeffrey T. Lewis contributed to this article.


Write to Maria Armental at


(END) Dow Jones Newswires

April 05, 2019 18:00 ET (22:00 GMT)

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